VivoPower to Deploy $100 Million in XRP on Flare Blockchain
VivoPower International (VVPW) plans to utilize $100 million in XRP tokens through a partnership with Flare (FLR) to generate yield on its treasury. Key points include:
- The initiative is the first large-scale use of Flare’s FAssets system, allowing XRP to engage with DeFi protocols.
- Yield generation will occur via Flare-native protocols like Firelight, with intentions to reinvest earnings to increase XRP holdings.
- VivoPower will adopt Ripple’s RLUSD stablecoin as a cash-equivalent reserve.
- CEO Kevin Chin emphasized the need for productive asset management for shareholders.
- This deal represents institutional validation for Flare, enabling secure DeFi interactions for non-smart contract tokens.
- The firm recently acquired an initial $100 million of XRP through BitGo's OTC trading desk.
- VivoPower also secured a $121 million private share placement led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud.